[ad_1]

Nokia will reduce its workforce by up to 14,000 employees as profits decline

Stellar Snippets

Telecom giant Nokia plans to cut 14,000 jobs to help with cost-cutting after a 20% sales decline to 4.98 billion euros in the third quarter earnings.

White Scribbled Underline

The move is expected to increase operational efficiency and help deal with challenges in the market.

White Scribbled Underline

It aims to lower its gross cost between 800 million euros and 1.2 billion euros beginning 2023 through the end of 2026.

White Scribbled Underline

The total number of employees will therefore reduce from 86,000 to anywhere between 72,000 to 77,000.

White Scribbled Underline

Profits declined by 69% to 133 million euros, including sales from its mobile network business which declined 24% to 2.18 billion euros.

White Scribbled Underline

Early in 2023, Nokia competitor Ericsson had also announced its plan to cut 8,500 jobs to cut costs.

White Scribbled Underline

Verizon and AT&T have also taken several cost-cutting measures so far.

White Scribbled Underline
[ad_2]